The company will transfer its wallet business, which has over 218 million mobile wallet users, to the newly incorporated entity — PPBL — under the payments bank licence awarded to a resident Indian, Vijay Shekhar Sharma, the founder of One97 Communications that owns Paytm.After May 23, the Paytm wallet will move to PPBL. In case consumers do not wish for that, they have to inform Paytm, which will in turn transfer the wallet balance to the consumer’s bank account once such details are shared. Such communication will have to be made before May 23.